US single-family home values slowed in September
Rising mortgage rates and falling demand weighed on US single-family home prices in September, according to the S&P CoreLogic Case Shiller National Home Price Index. Stocks fell 0.8% month-on-month in September, but rose 10.6% year-on-year, slowing from August’s 12.9% rise. “As the Fed continues to raise interest rates, mortgage financing continues to become more expensive and housing becomes less affordable,” said S&P CEO Craig Lazzara. “Given the continued outlook for a challenging macroeconomic environment, home prices may continue to weaken.” Reuters
UK mortgage approvals stagnate amid economic uncertainty
Nearly 59,000 mortgages were approved across the UK in October, down 10% on September’s 66,000, according to Bank of England data. The total was the lowest number of approvals recorded since June 2020 and a bigger drop than economists had expected. Rising interest rates, the rising cost of living and continued economic uncertainty are affecting demand. yahoo
Dubai rents have increased this year
The cost of renting a house in Dubai has increased by 27% this year, according to Zoom Property Insights. Apartments have seen the biggest price appreciation, increasing by 27.5% and villas have seen their values increase by 25.7%. “Dubai’s rental market is cruising,” said Ata Shobeiry, managing director of Zoom Property. “Prime areas such as Palm Jumeirah, Downtown Dubai, Dubai Marina and JBR are performing exceptionally well, which is a great sign for the market. I think 2022 will end on a very strong note for the rental market, as the 2022 FIFA World Cup Qatar is providing a notable boost to the short-term rental market.” Khaleej Times
Apartment in Melbourne, Australia, overlooking the theme park
An apartment in Melbourne, Australia, right next to the county’s oldest roller coaster at Luna Park and close enough to see the gaudy faces of its riders, has hit the market with an asking price of A$640,000 to A$655,000 (A$429,174 dollars and US$439,233). The wooden tracks of the ride can be seen a few meters from the balcony of the two-bedroom house and even from its kitchen. Built in 1912, the Great Scenic Railway is the second oldest roller coaster in the world and requires a brakeman to get on one of the carriages. Control